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New York & Tri-State  + Uptown/Bronx  + Apartments  | 

Naftali Lands $103M in Construction Loans on Upper East Side Project

The Naftali Group has obtained $102.7 million in construction financing for 1165 Madison Ave., a 13-story luxury residential condominium development on Manhattan’s Upper East Side. BHI, which arranged the financing, is providing $67.7 million and Israel Discount Bank of New York will hold $35 million of the overall loan amount.

Totaling 62,700 square feet and designed by Robert A.M. Stern Architects, 1165 Madison Ave. will feature 12 condo units and 3,750 square feet of ground-floor retail.  

“Following the sell-out of The Benson at 1045 Madison Ave., 1165 Madison represents our second condominium along Madison Avenue, an area that has not seen a ground-up condominium development in over 25 years,” said Miki Naftali, CEO of Naftali Group. 

He continued, “The real estate team at BHI understands our needs and the nuances of our new luxury residential project. They have worked closely with us on the successful conclusion of our financing.” 

Pictured: The Benson.


Inside The Story

BHINaftali Group

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).